Enterprise Content Management Market Dynamics and Trends by 2027

The Enterprise content management market is expected to grow from US$ 12.94 billion in 2018 to US$ 32.30 billion by 2027; it is estimated to grow at a CAGR of 10.8% during 2019–2027.

Enterprise content management (ECM) enables enterprises to manage unstructured information such as word documents, PDFs, emails, and scanned images, store them securely and make them accessible to the authorized users. Growing demands for doing business efficiently is propelling the enterprise content management market size across commercial supply chains, contract management, HR processes, and government administration, among others. ECM solutions also provide enterprises with ease of operations by eliminating the dependence on paper documents and effective management of unstructured information. ECM solutions help organizations to simplify and streamline work, which is further bolstering the global enterprise content management market share.

Rising automation in filing and categorizing documents from servers, shared devices, and network drives at reduced costs is providing increased advantages as compared to the traditional methods of that normally require a great deal of effort. Businesses across the globe are increasingly implementing ECM solutions to decrease their dependence on paper, drive better customer service, increase productivity, and reduce risks. Furthermore, benefits offered by the ECM solutions such as the ability to capture documents digitally, and import information into a secure digital repository are promoting the growth of the enterprise content management market globally. Growing innovation in document capturing methodologies such as the usage of electronic forms, scanning paper documents, and managing natively digital content is further enhancing the global enterprise content management market share.

Growth in digital transformation has increased the demand for processing information about customer behaviors, sentiments, and value to the organization and utilizing it for efficient business decision making. This is anticipated to increase the adoption of enterprise content management solutions. Businesses are rapidly deploying ECM solutions for processing organizational data stored in repositories, file shares, and cloud folders across the enterprise to take concrete steps to streamline their processes relating to content services. Growth in digitized content and increased accessibility to the right content at the right time is enabling business growth across the globe. Therefore, organizations focused on digital transformation are involved in capturing the content, classifying it, and applying rules to control who can access it. This enables them to optimize business processes and increase collaboration.

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Enterprise Content Management Market: Strategic Insights

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Enterprise Content Management Market Insights

 

Increasing Digital Content and Rising Adoption of Innovative Digital Solutions to Boost Enterprise Content Management Market

Organizations across the globe are utilizing the benefits of enterprise content management software solutions to efficiently manage content, increase collaboration and business transactions, and reduce downtime involving data access. Rising digital content has increased the demand for innovative digital solutions among businesses of all sizes. There is a surge in demand for effective management and storage of never-ending volume of data that seems to increase tenfold. Therefore, ECM technology is emerging as a critical component to fuel digital transformation and supporting a staggering increase in its adoption to ensure improved efficiency with a significant return on investment. Companies are focusing on modernization in capturing, managing, and controlling data, and many are continually innovating to transform the workplace. This is further propelling the enterprise content management market growth.

Growth in hybrid solutions supporting agility is further contributing to the growth of the enterprise content management market as it enables businesses to connect with information from anywhere at any time. The advent of cloud computing along with significant investments in the digital world is serving as a stepping stone for business transitions. Organizations are embracing hybrid approach to upgrade their IT infrastructure and transform content-centric solutions. A phased, smart, and scalable transition toward the hybrid environment is anticipated to offer businesses flexibility for the future. Digitization is enabling companies to convert text, images, and other media into digital form, which is further enhanced by technological advancements such as artificial intelligence and machine learning. This is further boosting the growth of the enterprise content management market.

Industry Vertical-Based Market Insights

Based on industry vertical, the enterprise content management market is segmented into BFSI, government, manufacturing, IT and telecom, retail, healthcare, transportation and logistics, and others. The retail sector is anticipated to observe significant growth. The growth is attributed to the rising demand for ECM solutions across various departments in the retail sector to optimize operations. Surge in the adoption of technology to achieve the overall corporate purpose, such as inter-communication, inter-exchange of documents, and inter-commands is further propelling the market growth in the retail sector. ECM software empowers modern retailers to efficiently track documents, retrieve reports, comply with industry regulations, enhance customer service quality and efficiency, and manage the vendor contract processes. Enterprise content management solution creates a central repository of the content store, facilitating the enterprises to store all content with easy inter-exchange of documents across departments. It also helps the retail enterprises eliminate multiple storages of digital content and avoid duplicate movement by ensuring common storage and common access across the organization. Many retail enterprises are integrating enterprise content management with the content flow to achieve efficient access to content.

Players operating in the enterprise content management market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

Enterprise Content Management Market Regional Insights

The regional trends and factors influencing the Enterprise Content Management Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Enterprise Content Management Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Enterprise Content Management Market Report Scope

Enterprise Content Management Market Players Density: Understanding Its Impact on Business Dynamics

The Enterprise Content Management Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Enterprise Content Management Market are:

1. Alfresco software, Inc.
2. DELL EMC
3. Hyland software, Inc.
4. IBM Corporation
5. M-Files Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

• In October 2020, Hyland, a leading content services provider, acquired Alfresco, a content services solutions provider’s business, including the company’s technology and products. The acquisition aims to enhance Hyland’s vision to become the world’s leading content services provider and enable it to expand its global footprint in the enterprise content management market. Alfresco’s solutions will augment Hyland’s range of content services offerings providing opportunities to engage with the open-source community and innovation. Hyland’s integration strategy enables organizations to derive value from their digital transformation investments by providing organizations with the resources they need to support new and evolving ways of working and utilizing the most comprehensive content services portfolio and offerings.
• In May 2020, M-Files Corporation, an information management company, was recognized as a top rated and received one of the highest overall rankings, including top scores for product scalability (10.0) and likely to renew (10.0) the company’s position in enterprise content management market. The company achieved some of the highest ratings for performance, availability, and online training based entirely on feedback from its customers. M-Files excels at combining document and metadata management into one platform, its modern interface, and its support for advanced automated workflows. The company was also praised for its versatility and integration with other applications such as Microsoft Office 365.